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China Secures 11th Consecutive Year as World's Largest Online Retail Market

China Secures 11th Consecutive Year as World’s Largest Online Retail Market

Beijing, January 11, 2024, The Europe Today: China has maintained its status as the world’s largest online retail market for an impressive 11 consecutive years, according to the Ministry of Commerce (MOC).

The country’s e-commerce transaction volume reached a substantial 43.83 trillion yuan (approximately 6.17 trillion U.S. dollars) in 2022, reflecting a notable increase from 31.63 trillion yuan in 2018, as highlighted by MOC spokesperson Shu Jueting in a press conference. Shu emphasized that online retail sales of physical commodities now constitute over 25 percent of China’s total retail sales of consumer goods, positioning the e-commerce sector as a pivotal force in driving digital transformation.

Over the past five years, the e-commerce workforce in China has surged from 47 million to surpass 70 million, indicative of the sector’s significant contribution to employment. Furthermore, the Silk Road e-commerce cooperation has expanded to involve 30 countries, underscoring China’s growing influence in the global digital commerce landscape.